Economic data coming up in the European session

Author: Justin Low | Category: News

UK labour market report and Eurozone final CPI figures for January are on the agenda in the session ahead

The dollar is feeling the heat to start the week with key levels on the chopping block and we could see a renewed downside leg in the greenback take form this week.

The dollar index is flirting with 90.00 once again with EUR/USD establishing a break above 1.2150 and taking a look at fresh one-month highs.

Cable is also keeping a break above 1.4000 while AUD/USD also stays on the hunt towards 0.8000. Meanwhile, USD/CAD has also sunk to fresh lows below 1.2600.

The reflation narrative remains a key spot to watch in the market this week with equities seeing more of a rotation yesterday with the Nasdaq falling 2% but the Dow gaining 0.1%.

That said, central banks may feel the need to chime in on that with ECB president Lagarde already offering a bit of a taste yesterday here.

Regardless, the technicals aren't shaping up well for the dollar and with the Fed put still in play, a further shove to the downside wouldn't be the most surprising thing.

After all, why fight the trend?

0700 GMT - UK December average weekly earnings
0700 GMT - UK December employment change, ILO unemployment rate
0700 GMT - UK January jobless claims change, claimant count rate
Prior release can be found here. Much like before, the data here will continue to be obscured by the UK furlough program while wages are also somewhat distorted by the disproportion of lower-paid jobs from before the virus pandemic for the most part.

0730 GMT - Switzerland January producer and import prices
Prior release can be found here. The recent trend has hinted at improving price pressures but nothing to really suggest a shift in stance by the SNB whatsoever.

1000 GMT - Eurozone January final CPI figures
The preliminary release can be found here. This should just reaffirm a jump in inflation figures to start the year, though one that the ECB has said that they will look past as it is more than likely to be temporary - with factors like these weighing.

1100 GMT - UK February CBI retailing, total distributive reported sales
Prior release can be found here. The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy. A minor data point.

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

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